CION Investment’s (CION) Underweight Rating Reiterated at Wells Fargo & Company

Wells Fargo & Company reissued their underweight rating on shares of CION Investment (NYSE:CION) in a research report sent to investors on Monday, Marketbeat Ratings reports. They currently have a $10.00 price objective on the stock, down from their prior price objective of $11.00.

CION Investment Price Performance

CION stock opened at $10.93 on Monday. CION Investment has a 1-year low of $10.52 and a 1-year high of $12.71. The business has a 50-day moving average price of $11.76 and a 200 day moving average price of $11.71. The company has a market capitalization of $582.15 million, a P/E ratio of 7.43 and a beta of 1.11.

CION Investment (NYSE:CION) last released its quarterly earnings results on Thursday, March 13th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). CION Investment had a net margin of 31.21% and a return on equity of 11.49%. The firm had revenue of $87.91 million during the quarter, compared to the consensus estimate of $54.11 million. On average, analysts anticipate that CION Investment will post 1.78 earnings per share for the current fiscal year.

CION Investment Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.18%. CION Investment’s dividend payout ratio is currently 228.57%.

Institutional Trading of CION Investment

Large investors have recently added to or reduced their stakes in the company. Ameriflex Group Inc. purchased a new stake in CION Investment in the fourth quarter valued at approximately $55,000. Golden State Wealth Management LLC purchased a new stake in CION Investment in the 4th quarter worth approximately $96,000. Aquatic Capital Management LLC purchased a new position in shares of CION Investment during the 4th quarter valued at approximately $103,000. Quantbot Technologies LP acquired a new position in shares of CION Investment in the 3rd quarter valued at $104,000. Finally, Coppell Advisory Solutions LLC grew its position in CION Investment by 11.1% during the fourth quarter. Coppell Advisory Solutions LLC now owns 10,966 shares of the company’s stock valued at $123,000 after buying an additional 1,093 shares during the period. Hedge funds and other institutional investors own 32.01% of the company’s stock.

About CION Investment

CION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, First Lien, second lien loans, long-term subordinated loans, and mezzanine loans; equity interests such as warrants or options; and corporate bonds; and other debt securities in middle-market companies.